Repsol have paid more than 65 startups Through its founding Entrepreneur Fund, the A tool to accelerate business development Launched by the group, in its ten years of existence, which totaled 185 patents by these innovative companies.
Fundación Repsol has donated over €10 million to the incubated companies, which have also, in aggregate, generated more than €230 million in public and private funding, and created 390 new jobs in areas such as Low-emission technologies, biotechnology, advanced mobility, nanotechnology, circular economy or digitalization, according to the company reported in its latest “newsletter”.
Since 2011, the initiative has recorded a 75% survival rate among incubated companies, supporting this innovation promoter path from Fundación Repsol.
Director of Entrepreneurship at Fundación Repsol, Javier Torres, He considered Libra “very positive and from the Entrepreneur Fund we continue to focus on enhancing the energy transition by accelerating start-ups that offer innovative solutions or technological advancement.”
In each Foundation Entrepreneur Fund call, Repsol selects between six and eight innovative technology start-ups for a one-year acceleration program, plus receives between 60,000 and 120,000 euros in donation towards their development.
In addition, a group of about 50 mentors, ranging from ex-Repsol executives with extensive experience in business development to active experts from Repsol Technology Lab and from various business areas of the company, provide them with technical and business advice.
The high survival rate among accelerated tech companies can be attributed to the “careful selection of ‘startups’ entering the program,” said Torres, who emphasized that they were selected from among the nearly 5,500 proposals submitted in its 10 editions, and “for future opportunities open to them, particularly as they validate their technology in a real industrial environment,” which has resulted in more than 850 prototypes, concept and pilot tests carried out during this decade.
Similarly, the programme, which is intended for technology startups that are pre-commercial or will reach that stage in a year or two, has gained global expectations over the years and thus, 713 projects were submitted in its latest edition from 20 countries such as Spain, the United Kingdom, Canada, the United States, Germany or the Netherlands.
Future plans include expanding call coverage Asia. “We started publishing it this year in India and Japan,” the director added.
Over 100 “startups” powered by REPSOL CORPORATE VENTURING
Repsol, in addition to supporting the innovative ecosystem of startups from Fundación Repsol, also has a strategic investment fund called Repsol Corporate Venturing.
Thus, while the Entrepreneur Fund focuses on routing techniques Which are in an initial stage, the investment fund focuses on discovering technologies that are in a development stage closer to their commercial deployment and that have a high potential for incorporation into the company’s business.
Repsol Corporate Venturing intensified as of 2016, and since then has €85 million to invest in five-year cycles. Its activity by accelerating business models has been embodied in more than 30 “startups” it has invested in.